Best Ways to Send Money From Canada to the USA in 2024

Many options are available if you're looking for a way to send money from Canada to the US. However, if you've ever sent money across the Southern Border before, you'll probably know that finding the most cost-effective option can be challenging as fees and exchange rates vary significantly between different providers and banks.

To make matters worse, many people are unaware of the hidden fees associated with cross-border transfers via the bank or popular mobile transfer apps like PayPal. These hidden fees can eat into the amount of money that is received by the recipient — even leading to frustration and disappointment.

This article helps you solve the problem by offering the five most efficient and cost-effective methods for sending money from Canada to the USA according to millions of searches on our real-time comparison engine (which you can try out for yourself below 👇). As you'll see, we only cover money transfer specialists in this guide because they're far cheaper and faster than the big banks like Scotiabank, TD, BMO and others for getting the job done. So, without further ado, let's find the best way to send money from Canada to the US!

Best: Wise

There's a high chance you've already heard about Wise — and with good reason! An online platform letting you make international money transfers, Wise offers very low fees and fair exchange rates, making it an excellent option for Canadians wishing to send money over to the US. What's more, Wise also offers a transparent and easy-to-use platform (available on desktop, tablet, or smartphone devices) that lets you manage your money transfers with ease.

• Cost: 0.56% + CAD 3.42
• Cheapest: 57% of Monito comparisons from Canada to the US in 2022
• Speed: 1-2 business days
• Pay-in options: Bank wire transfer, Interac e-Transfer, credit/debit card, Billpay, Direct Debit
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 - CAD 8,000,000
• Best for: Small- to mid-sized bank transfers (up to CAD 10,000).
• More info: See our full Wise review or visit the website.

2nd Best: Panda Remit

Panda Remit is a Chinese online remittance platform offering low-cost international bank transfers. In our opinion, Panda Remit stands out because of its lightning-fast transfer speeds (many transfers arrive in just minutes) and an around-the-click customer support team, making it a great option if you need to send money to the US in a hurry. (Plus, with its user-friendly website and mobile app, sending money with Panda Remit is a breeze!)

• Cost: 0.34% + CAD 4 /transfer
• Cheapest: 27% of Monito comparisons from Canada to the US in 2022
• Speed: In minutes
• Pay-in options: Bank wire transfer, debit card
• Pay-out options: Bank deposit
• Transfer limits: Up to CAD 100,000,000
• Best for: Fast transfers
• More info: See our full Panda Remit review or visit the website.

3rd Best: Instarem

Instarem is another online money transfer app that offers Canadians a convenient and low-cost option to send money to the US. What sets Instarem apart is its real-time exchange rates, ensuring you get the best value for your money. Plus, with its easy-to-use platform, you can send money in just a few clicks, making it a hassle-free option for Canadians.

• Cost: 0.71%
• Cheapest: 11% of Monito comparisons from Canada to the US in 2022
• Speed: 2 to 3 business days
• Pay-in options: Bank wire transfer
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 to CAD 1,000,000,000
• Best for: Savvy mobile app transfers
• More info: See our full Instarem review or visit the website.

4th Best: XE Money Transfer

XE Money Transfer is a homegrown global money transfer service from Newmarket, Ontario that gives you a secure and reliable way to send money to the US. In our opinion, one key feature that makes XE stand out is its ability to lock in exchange rates for up to 24 hours. This can help you avoid any unexpected changes in the currency market. What's more, with its 24/7 customer support, you can trust that XE will be there to assist you every step of the way.

• Cost: 0.96%
• Cheapest: 6% of Monito comparisons from Canada to the US in 2022
• Speed: 1 business day
• Pay-in options: Bank wire transfer, Interac e-Transfer, credit/debit card, Billpay, Direct Debit
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 to CAD 1,000,000,000
• Best for: Locking-in the CADUSD exchange rate before your transfer
• More info: See our full XE review or visit the website.

5th Best: OFX

OFX is an online money transfer service that offers Canadians a cost-effective and efficient way to send money to the US. One key feature that makes OFX stand out is its ability to handle large transactions, making it an excellent option for Canadians who need to send large sums of money to the US. Like Panda Remit and XE, OFX also has 24/7 customer support, giving you peace of mind that OFX is just a phone call away.

• Cost: 0.48% or less
• Cheapest: 2.5% of Monito comparisons from Canada to the US in 2022
• Speed: 1 business day
• Pay-in options: Bank wire transfer
• Pay-out options: Bank deposit
• Transfer limits: CAD 1 to CAD 1,000,000,000
• Best for: Large transfers (over CAD 50,000)
• More info: See our full OFX review or visit the website.

What's the Best Way to Send Money From Canada to the United States?

There are several ways to send money across the border into an American bank account. These methods will vary by price and speed.

If you need to urgently transfer money internationally, then there will be several options. If you want to save when sending a large transfer, then we show you cost-efficient ways to send money from Canada too.

Direct Debit (EFT)

Often interchangeable with electronic funds transfer (EFT) in Canada, a direct debit allows you to authorize payment on a transfer service for convenient money transfers. It could take up to two days for your money to leave your bank account and another four days to reach your service provider. It'll be more convenient for you to plan in advance by setting these up as recurring transfers.

The Canada Revenue Agency (CRA) also limits international transfers via EFT to $10,000 per transfer.

• Fee for $1,000 CAD to USD transfer on Wise: $2.39 CAD

Debit Card Payment

Many international money transfer services accept debit cards, which are among the fastest and most convenient ways to send money abroad. They are not as cheap as bank transfers but are less expensive to process than credit cards.

• Fee for $1,000 CAD to USD transfer on Wise: $21.14 CAD

Credit Card Payment

Make quick and simple payments for your transfer with a credit card, such as Visa or Mastercard. These cost more to process than debit cards, but they are just as fast.

• Fee for $1,000 CAD to USD transfer on Wise: $27.67 CAD

Local Bank Transfer

Although slower than debit or credit cards, bank transfers usually offer great value for your money. Your international money transfer service will process your bank transfers within around 1 to 5 business days.

• Fee for $1,000 CAD to USD transfer on Wise: $2.30 CAD

Interac e-Transfer

Interac e-transfer is a payment system unique to Canada that allows individuals and businesses to transfer money directly from their bank accounts using a debit card. The maximum amount of money you can send by Interac e-Transfer within a 24-hour period is $3,000.

Interac is not always free but it is usually very cost-effective and instantaneous. It is also accepted by international money transfer services like Wise and XE Money Transfer, making it another good way to send money from Canada to the USA.

• Fee for $1,000 CAD to USD transfer on Wise: $1.44 CAD

The fees we listed here were recorded on Wise February 3rd, 2023.